Archives: Financial List

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Banks avoid liability for failed tax relief plans under film-investment scheme

Litigation surrounding film finance schemes continues to rumble on in the High Court.  Earlier this month, the High Court in Barness v Ingenious Media Ltd [2019] EWHC 3299 (Ch) granted applications by two banks Coutts and Natwest (“Banks“) to strike out a number of lender claims in a case that is part of the “Ingenious litigation”.… Continue Reading

High Court finds Genworth Financial Inc. liable for 90% of AXA’s PPI misselling losses

Last week, the High Court found Genworth Financial Inc. (“Genworth“), liable to pay losses to AXA in the potential sum of £265 million, in respect of compensation that AXA had paid to settle payment protection insurance (“PPI“) misselling claims against two Genworth subsidiaries that were acquired by AXA.… Continue Reading

Watch out! Communications referenced/reproduced in settlement agreements might lose without prejudice or litigation privilege from production

In BGC Brokers LP & others v Tradition (UK) Ltd & others, the Court of Appeal dismissed BGC Brokers LP’s (“Claimant“) appeal against an order allowing inspection by several other defendants of an unredacted settlement agreement between the Claimant and Simon Cuddihy (“Third Defendant“).  … Continue Reading

Freezing Order can cover cryptocurrency

The recently reported High Court decision in Vorotyntseva v Money-4 Ltd (T/A Nebus.com) shows that freezing orders can cover Bitcoin and ethereum cryptocurrency. It is another example of the Courts finding that a cryptoasset is a form of property capable of being the subject of a Court order.  The case was heard in 2018, but the judgment … Continue Reading

Business Banking Resolution Service launches new dispute resolution pilot for larger SMEs: a new Financial Ombudsman Service?

On 1 November 2019, the Business Banking Resolution Service (“BBRS”) launched a new dispute resolution pilot in preparation for the introduction of its new service, which was originally announced in November 2018 by UK Finance, a trade body for British lenders. The service aims to provide alternative dispute resolution services for “larger” eligible small and … Continue Reading

English High Court dismisses US $45 million fraud claim where proceedings already up and runnning in a Court in another jurisdiction

Where a claimant has already issued related Court proceedings in another jurisdiction, the English Court is unlikely to be the appropriate forum for the trial of a claim, according to the recent High Court decision in Punjab National Bank (International) Ltd v Srinivasan and others [2019] UKHC 89 (Ch).… Continue Reading

Former Keydata boss stuck with £76 million FCA fine

The Upper Tribunal, the independent Court that hears appeals from FCA decisions, last week upheld the regulator’s decision to fine Stewart Ford, the former CEO of Keydata Investment Services Limited, a huge £76million (the largest FCA fine on an individual) and ban him from working in the financial services industry. The Tribunal decided that the FCA had been correct to ban and fine … Continue Reading

Court reviews summary judgment jurisdiction in dispute over pension plan guarantee

The recent High Court decision in Caribonum Pension Trustee Limited v Pelikan Hardcopy Production AG [2018] EWHC 2321 (Ch) will provide some comfort for pension plan trustees owed money by insolvent sponsoring employers by allowing trustees to pursue guarantors within the same group for those debts. What was contended to be an abuse of Court process … Continue Reading

Litigation privilege: sense prevails in the Court of Appeal

Last week the Court of Appeal (The Director of the SFO v Eurasian Natural Resources Corporation Limited [2018] EWCA Civ 2006) reversed the High Court’s controversial and troubling decision from 2017 that concerned the extent to which litigation privilege could apply to documents generated in the context of internal investigations. ENRC successfully argued that legal professional … Continue Reading

Court of Appeal guidance on when the limitation period can be extended for negligence claims under s14A of the Limitation Act 1980

The Court of Appeal decision in Mr Nobu Su v Clarksons Platou Futures Limited and another [2018] EWCA Civ 1115 from earlier this month concerns the interpretation and application of s14A of the Limitation Act 1980 (“s14A”) and when a claimant is deemed to have ‘knowledge’ of the negligence in order to extend the limitation … Continue Reading

Mastercard, the next instalment. The retailer strikes back

The previous four episodes of the Mastercard saga (as detailed in our previous blog posts) focussed on a number of legal battles between Mastercard and both consumers and retailers. These disputes have centred on Mastercard’s alleged “uncompetitive” interchange fees and restrictive rules on cross-border acquiring. The latest claim by retailers follows a class action brought on … Continue Reading

First major LIBOR rigging claim dismissed by Financial List judge: speedread

After a 38 day trial, Mrs Justice Asplin handed down a 187 page judgment just before Christmas in the long-running Property Alliance Group Ltd v The Royal Bank of Scotland plc case. She rejected claims of mis-selling, breach of good faith obligations and misrepresentations associated with LIBOR. Property Alliance Group sued RBS over four interest … Continue Reading

Class X Noteholders granted permission to appeal inconsistent judgments

As previously reported on this blog, April saw two important judgments in the Titan and Windermere Class X cases. Those decisions have implications for both “CMBS 1.0” structures that include Class X notes in them, and for the wider financial markets in terms of how the courts are approaching disputes over the interpretation of finance … Continue Reading

Judge dismisses application on mis-selling and LIBOR manipulation claim

In an April 2016 Financial List decision by Mrs Justice Asplin in Diane & Michael Hockin and Lonwest Ltd v Royal Bank of Scotland plc and National Westminster Bank plc [2016] EWHC 925 (Ch), the Bank unsuccessfully applied for strike out of parts of the mis-selling claim issued against them by the Claimants. The Claimants had … Continue Reading
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